The mayor of Madrid confirms a ‘significant’ drop in property tax in Madrid next year

As The Spanish Brick announced in March 20015, Manuela Carmena, the mayor of Madrid, has declared ithis month (September 2016) that there will be a “significant” 2016 drop in Madrid Property Tax (Impuesto sobre Bienes Inmuebles or IBI)for 2016 but has not yet specified the exact reduction because it is “under study”. She added that they can afford to lower this tax after having prepared the budget for next year.

In an interview on Onda Cero Radio, gathered by Europa Press, Carmena indicated that they are “taking into account the need to offset the revenue shortfall” that the reduction will mean. Therefore, the IBI “on certain properties with a very high of surface area” will not be changed, she added. Invest in Madrid property in 2016

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